HOW IS AUSTRALIA'S CURRENCY AFFECTING TOURISM?
Henry Willis HENRYWILLISSWIFTFOX.COM
Australia has long been hailed as a top tourist destination. Their tourism industry has been thriving ever since the Australian Tourist Commission was established over 50 years ago.
International tourism is important, but Australia's domestic tourism is a significant part of the overall tourism industry, calculated at over 73% of the country’s GDP.
There are many reasons people brave the long journey to travel to Australia.
The great barrier reef is one of the many natural wonders of this country and houses the world’s largest coral reef.
Sydney’s opera house, zoo, and harbor are all worth experiencing as well. There are also many beaches to choose from, and plenty of exotic animals
People agree there’s nothing like the experience of being totally immersed in a completely foreign culture, including the experience of handling foreign currency.
The Australian dollar has fallen to a 2.5 year low against the American dollar. Australia was not on the list of the top 10 best value destinations of 2018, and many experts agree it has a lot to do with its declining currency rate.
The exchange rate of a country is something that changes constantly because currencies are constantly floating freely against each other. The value of a currency at any given time is determined by the amount that flows in and out of a country.
People naturally like getting the most bang for their buck when trading currency in a foreign country, so a lower exchange rate will make a country less appealing to travelers.